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Is Bitcoin a Scam? The Truth Revealed

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Bitcoin seems to be the new fad for crypto-currency, but – is Bitcoin a scam? I took a small dive into the Bitcoin world to find the answer for myself.

Bitcoin is a digital currency that enables payments to anyone. Their site says it works anywhere, anytime. Bitcoin is claimed to be a “new” type of money. It is open-source, public, and no one owns or controls it.

Bitcoin claims fast peer-to-peer transactions, worldwide payments, and low processing fees. You can sign up for free and choose your wallet (there is an open plan and a paid plan).

Next, you get bitcoin by “accepting” it as payment, and then you can spend it. The process seems easy enough to get started. However, if you are thinking about joining Bitcoin, there are some things you NEED to know first.

Bitcoin Wallet

Bitcoin claims that their wallet is secure IF you use it correctly. They state that it is your responsibility to adopt good practices. If you are thinking of starting with Bitcoin as a new user – I highly recommend reading more about what you need to do to keep your wallet secure.

Bitcoin Prices can Change.

Since Bitcoin is still “young,” the price of Bitcoin can unpredictably increase or decrease. Bitcoin states they are a high-risk asset. They do not advise storing money on Bitcoin if you cannot afford to lose it.

Additionally, you should not keep savings with Bitcoin.

Bitcoin Payments are Irreversible

Bitcoin states that you should only make transactions with people you know and trust, or have an established reputation.

The transaction can only be refunded by the person receiving the Bitcoins.

That being said, not all transactions start that way. Instead, all transactions start with a “confirmation” score. It can take a few seconds to 90 minutes to get the confirmation.

A score of 0 is considered an “unconfirmed” transaction and is not secure. A score of 1 is somewhat reliable if you have the free account, but claims to be safest if you have a paid account.

Bitcoin is Public

All transactions are stored publicly and permanently on the network. Anyone can see the balance of transactions for any Bitcoin address.

The little effort Bitcoin provides to protect your identity, is the user remains unknown until information is revealed through a transaction (or other circumstances).

I do not know what the other circumstances are.

Bitcoin is still in the Experimental Phase.

This currency is in active development. This means that you can run into a lot of issues like increased fees, slower confirmations, or even more severe problems.

Since it is still experimental, it is safe to say that you will (and should) expect problems to happen if you have an account.

Is Bitcoin a Scam?

No, Bitcoin is not a scam, but it is something that should be taken seriously. If you are interested in learning about Bitcoin – you can go to their site directly for more information. I recommend learning how to trade and invest on your own.

Current Bitcoin Scam

Do not hire an account manager to help you invest with Bitcoin unless it is someone you know personally and can trust. There are TONS of scammers online (especially on FaceBook) who claim to be an account manager.

You need to give that account manager access to your account and information. They may even offer to pay for your first investment if you can’t afford it. You will get a payment made to you – but it was a MISTAKE! You MUST return the money IMMEDIATELY!

All of your personal and sensitive information will be used against you if you do not return their money immediately. They will try and make you feel bad because that profit was meant to go to someone else. They promise if you return it – your profit will be much higher.

They will do or say anything they can to get you to return the money immediately. Why? Because they know the cash will get returned. It will not go through. If you pay them the money back, you will be in debt for the amount you paid.

Please be careful and do not give out your personal information. If it sounds too good to be true, it usually is.

 

Please do me ONE favor.

If this has helped you, please like, comment, and share! I am all about sharing helpful information that can benefit everyone. Let’s spread the knowledge around!

8 thoughts on “Is Bitcoin a Scam? The Truth Revealed”

  1. Hi!  Thanks for the explanation of Bitcoin and the risks involved!  I have to admit, I am not all fired up about Bitcoin.  Because it’s a digital currency.  Somehow, there is mining involved and I STILL don’t get that.  So you can get Bitcoin that way, but how would you ‘find’ Bitcoin, which is digital and not exactly ‘real’?  So mining would get you…what?  I have NO clue.  

    Since I can’t understand how virtual mining gets you virtual currency and I most definitely don’t like the fact that virtual currency only has value if it is in demand.  When it no longer is in demand?  It’s worthless.  Plus it’s virtual!  It literally only has value because people THINK it does.  Yeah, I think investing in something else is a whole lot safer.  

    Thanks for the explanation though.  At least Bitcoin admits it’s risky!

    Reply
    • I completely agree with you! Honestly, I don’t understand the mining either. Bitcoin is something I am certainly staying away from right now. 

      We will see how their platform progresses and plays out. I do have respect for Bitcoin for being honest and straightforward. That is good business practices. 

      Thank you for stopping by! 

      Reply
  2. Great article!  I have heard of bitcoin but I didn’t really know what it is.  I’m glad you have researched and determined it’s not a scam.  There are so many scams out there so we have to be very cautious.
    Do you know how long its been around?  Is it similar to venmo or paypal?  

    Reply
    • Thank you! Unfortunately, there are A LOT of scams out there. I don’t know how long Bitcoin has been around exactly, but it hasn’t been very long – which is why they are still in the experimental phase. 

      In essence, sure, it is like venmo or paypal as you can make transactions to anyone – but the only difference right now, is that Bitcoin is high-risk and you might lose money. 

      Reply
  3. Hello, thanks you so much for this post, I have always heard about bit coin but never have visited their site, so I decided to do some research on it and I find this post very useful to me I that it clearly  states the prones and the cons of bitcoin and how to go about it as a beginner. 

    Reply
    • You are very welcome! I see Bitcoin appear more and more in topics of discussion, so I wanted to do a quick glance at what Bitcoin is and share the info with other people. 

      Reply
  4. Hi Affiliate Girl,

    With the current epidemic and our money no longer safe with the looming depression on our economy, I wanted to investigate if Bitcoin is legit and not a scam. I wanted know if it is safe to use but your points on it being a high risk asset makes me wonder if there aren’t any alternatives.

    With this, do you refer to Bitcoin as the currency or in general to the other cryptocurrencies that are listed among Bitcoin?

    Reply
  5. Hey nice article you have there. Cryptocurrency could be an effective online currency exchange; however, buyers buy up bitcoins with the intent of investing much as they would with stocks. 

    Thank you for this informing article on the basics of bitcoin. Great job. I look forward to reading more posts. I will look into bitcoin more. 

    Reply

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